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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?


To: Richard Nehrboss who wrote (277)12/18/1997 10:30:00 AM
From: Colin Cody  Read Replies (2) | Respond to of 5810
 
Richard, if you are a bona-fide Tax-Status TRADER, then all your ordinary & necessary expenses go onto Schedule C.
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This includes BUSINESS Interest paid in a MARGIN ACCOUNT to facilitate your TRADING activity. This is deducted WITHOUT LIMITATION on Schedule C, on line 16b.
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If you were a tax-status INVESTOR such interest is known as "INVESTMENT" interest, and is deductible after LIMITATIONS on Schedule A, line 13.
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Colin